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Prairie strong, worldwide

About us

Investor relations

Credit ratings

Advantages of CWB notes

Funding programs

Frequently asked questions

Credit ratings

The CWB has a direct, unconditional and irrevocable guarantee on its debt from the Government of Canada. Although payment of principal and interest on such indebtedness is in practice made directly by the CWB out of grain sale proceeds, all borrowings of the CWB are unconditionally and irrevocably guaranteed by the Government of Canada. Any amount required to be paid pursuant to the guarantee is payable out of, and constitutes a charge on, the Consolidated Revenue Fund of Canada, the aggregate of all public monies. The CWB has the following credit ratings on its debt:

Long Term Short Term
Moody's Aaa P-1
Standard & Poor's AAA A-1+
Dominion Bond Rating Service Ltd. AAA R-1H

Additional information regarding the CWB's ratings can be found in each rating agency's rating reports at the following Web sites:

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Advantages of CWB Notes

CWB Notes offer many advantages, including:

  • flexibility with a wide range of maturity dates;
  • safety with an excellent credit quality and guarantee from the Government of Canada;
  • liquid secondary market (flexibility to buy or sell your notes on the market); and
  • regular offering of new notes into all markets.
  • In addition to these, the CWB is 0% Bank of International Settlement risk weighted, placing the CWB among the best-rated and lowest-risk investments in the world.

All information included in the Investor Relations section of this Web site is provided for information purposes only. It is not intended to provide financial or other advice and does not constitute an offer to buy or sell CWB financial products. If you require more information or would like to invest in the CWB, please contact one of our dealers directly.

Investor Relations information contained on the CWB Web site is subject to change without notice.

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Funding programs

Canadian Commercial Paper Program

U.S. Commercial Paper Program

The CWB is currently an active borrower in the domestic and U.S. commercial paper markets. The CWB borrows to finance current operations, inventory purchases, and credit receivables. Investors interested in one of the CWB's borrowing programs are welcome to contact our dealer network directly.

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Frequently Asked Questions

Are the CWB's obligations directly guaranteed by the Government of Canada?

All borrowings of the CWB are unconditionally and irrevocably guaranteed by the Minister of Finance on behalf of Her Majesty in right of Canada as per section 19.5 of the Canadian Wheat Board Act (CWB Act) and section 26.5 of the CWB (Interim Operations) Act. Therefore, CWB debt is regarded as the highest rated debt available in Canada with ratings equal to the Government of Canada and crown agencies. In practice, payment of principal and interest are made directly by the CWB out of grain sales revenues.

What happens to the government guarantee on borrowing as of August 1, 2012?

All debt issued past and future by the CWB will continue to carry the unconditional and irrevocable guarantee of the Government of Canada until maturity as specified in section 19.5 in the CWB Act, and also in section 26.5 of the new CWB (Interim Operations) Act, which states:

The repayment with interest, if any, of money borrowed by the Corporation is guaranteed by the Minister of Finance on behalf of Her Majesty if the terms approved under subsection (4) indicate that it is to be guaranteed.

For reference, section 19.5 of the CWB Act states the following:

The repayment with interest, if any, of money borrowed by the Corporation in accordance with the terms and conditions approved under subsection (4) is guaranteed by the Minister of Finance on behalf of Her Majesty.

What does the CWB do with borrowed funds?

The CWB uses funds raised in its various borrowing programs to cover inventory purchases; producer payments, credit sales and general administrative expenses.

Why does the CWB need to borrow U.S. dollars?

The primary purpose of borrowing U.S. dollars is to fund export credit sales. The CWB borrows U.S. dollars to cover the time lag between shipping grain under the export credit program and receiving payment for it.

Is the CWB a crown corporation?

The CWB is not a Crown corporation. It should also be noted thatthe governance structure of the CWB has been modified as a result of the CWB (Interim Operations) Act and the board of directors now consists of five government appointed directors. Although the CWB is not a crown corporation all debt issued past and future by the CWB will continue to carry the unconditional and irrevocable guarantee of the Government of Canada until maturity as specified in section 26.5 of the new CWB (Interim Operations) Act.

What is the investment quality of CWB securities?

CWB securities offer credit ratings the same as the Government of Canada. The CWB is 0% Bank of International Settlement risk weighted making it one of the lowest-risk investments, globally. Returns on CWB securities reflect the almost risk-free investment.

Does the CWB customize its securities to the requirements of institutional investors?

The commercial paper programs are flexible with regard to maturity dates and amounts.

What are the terms to maturity for CWB securities?

The terms to maturity depend on each borrowing program. The domestic CP program (WBN) is one to 365 days, and the USCP program is one to 270 days.

Where and how are CWB securities sold?

CWB commercial paper is issued through closed dealer groups.

Can anyone buy CWB securities?

Yes. Anyone with a minimum of $100,000 CAD or USD (equivalent) can buy CWB securities. Potential investors should contact a member of the applicable dealer group.

What currencies does the CWB borrow?

The CWB borrows in both US and Canadian dollars.

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